MAIN RESULTS
- The annual variation rate of the CPI in the month of January stood at 2.3%, six tenths below that recorded in December
- The annual core inflation rate remained at 2.6%
- The monthly variation of the general index was -0.4%
- The Harmonised Index of Consumer Prices (HICP) set its annual rate at 2.4%, six tenths below the previous month
The annual rate of the general Consumer Price Index (CPI) in the month of January was 2.3%, six tenths lower than that recorded the previous month.
The groups that stood out the most due to their influence on the decrease in the annual rate were:
Housing, which saw its annual variation stand at 2.7%, which was three points below that of last month. This behavior was due to electricity prices, whose increase was lower than in January 2025.
Transport, whose annual rate decreased by almost two points, down to -0.1%. This decrease was due to the drop in the prices of fuels and lubricants for personal vehicles, compared to the increase in January of the previous year.
The annual variation rate of core inflation (general index excluding unprocessed food and energy products) stood at 2.6%, the same as in the previous month.
ANNUAL CPI RATE
In January, the monthly variation rate of the general CPI was -0.4%.
The groups with the greatest negative monthly impact on the monthly CPI rate were:
Clothing and footwear, with a monthly variation of -13.1%, due to the price drops of the winter sales campaign. This group had an impact of -0.468 on the general CPI.
Recreational activities, sports, and culture, with a rate of -2.8%, as a consequence of the drop in package holiday prices. This group had an impact of -0.210 on the general CPI.
Transport, with a rate of -1.1% and an impact of -0.165 due to the drop in the prices of other services related to personal vehicles and of fuels and lubricants for personal vehicles.
On the other hand, among the groups with a positive monthly impact, the following stood out:
Housing, with a monthly variation of 0.9% and an impact of 0.112, due to the increase in electricity prices.
RESULTS BY AUTONOMOUS COMMUNITIES
The CPI recorded positive annual rates in all autonomous communities in January.
The Community of Madrid presented the highest rate (3.0%), followed by the Balearic Islands (2.4%), while the Principality of Asturias, Castilla-La Mancha, Galicia, the Region of Murcia, and La Rioja presented the lowest (1.9% all of them).
In the month of January, the annual variation rate of the HICP stood at 2.4%, six tenths less than that recorded the previous month.
The monthly variation of the HICP was -0.8%.
Source: INE